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Notes to Accounts of Welspun Investments & Commercials Ltd.

Mar 31, 2015

1. GENERAL INFORMATION:

Welspun Investments and Commercials Limited ("the Company") was incorporated on 07 October 2008 under the Companies Act, 1956 (the 'Act') and has its registered office at Welspun City, Village: Versamedi, Taluka: Anjar, Dist. - Kutch, Gujarat 370110. The Company is engaged in business of Investment and dealing in shares and securities and trading of textile products and commodities.

2. SHARE CAPITAL

a. Terms / rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting. During the year ended 31 March, 2015, the Company has not declared / proposed any dividend (31 March 2014: Nil).

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by shareholders.

b. During the year, there has been no movement in number of issued, subscribed and paid up equity shares.

c. The Company has neither issued any shares for consideration other than cash or as bonus shares nor any shares issued had been brought back by the Company during the last five years.

3. SEGMENT REPORTING:

The Company has two business segments viz. Investment and dealing in shares and securities (Finance) and Trading of textile products and related accessories (Trading), which is being considered as the primary segment in accordance with Accounting Standard (AS)-17 "Segment Reporting".

4. Related party Disclosures:

i) Related party relationships:

Enterprises over which key management Welspun Realty Private personnel or relatives of key management Limited personnel exercise significant influence or control and with whom transactions have taken place during the year

Notes:

a) The related party relationships have been determined by the management on the basis of the requirements of the Accounting Standard (AS) - 18 'Related Party Disclosures' and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year, except where control exist, in which case the relationships have been mentioned irrespective of transactions with the related party.

5. COMMITMENTS AND CONTINGENT LIABILITIES NOT PROVIDED FOR

Guarantee given by the Company to Punjab National Bank for repayment of liabilities of MEP Cotton Limited of Rs. 107,023,661 (Previous year: Rs.107,023,661).

6. Based on information received by the Company from its suppliers, amounts due to Micro and Small Enterprises as at 31 March 2015 is Rs. Nil (as at 31 March 2014 Rs. Nil).

7. In the opinion of management, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

8. Previous year's figures have been re-grouped / re-classified, wherever necessary to conform to the current year's presentation.


Mar 31, 2014

1. GENERAL INFORMATION

Welspun Investments and Commercials Limited ("the Company") was incorporated on 07 October 2008 under the Companies Act, 1956 (the ''Act'') and has its registered office at Welspun City, Village: Versamedi, Taluka: Anjar, Dist. – Kutch, Gujarat 370110. The Company is engaged in business of Investment and dealing in shares and securities and trading of textile products and commodities.

2 SEGMENT REPORTING:

The Company has two business segments viz. Investment and dealing in shares and securities (Finance) and Trading of textile products and related accessories (Trading), which is being considered as the primary segment in accordance with Accounting Standard (AS)-17 "Segment Reporting".

3 Related party Disclosures:

i) Related party relationships:

a) Associates MEP Cotton Limited

b) Enterprises over which key management personnel or relatives of key

1. Krishiraj Trading Limited management personnel exercise significant infuence or control and with

2. Welspun realty Pvt. Ltd.

whom transactions have taken place during the year

Notes:

a) The related party relationships have been determined by the management on the basis of the requirements of the Accounting Standard (AS) - 18 ''Related Party Disclosures'' and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year, except where control exist, in which case the relationships have been mentioned irrespective of transactions with the related party.

4 COMMITMENTS AND CONTINGENT LIABILITIES NOT PROVIDED FOR

Guarantee given by the Company to Punjab National Bank for repayment of liabilities of MEP Cotton Limited of Rs. 107,023,661.

5 Based on information received by the Company from its suppliers, amounts due to Micro and Small Enterprises as at 31 March 2014 is Rs.. Nil (as at 31 March 2013 Rs. Nil).

6 In the opinion of management, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

7 Previous year''s figures have been re-grouped / re-classified, wherever necessary to conform to the current year''s presentation.


Mar 31, 2013

1. GENERAL INFORMATION

Welspun Investments and Commercials Limited ("the Company") was incorporated on 07 October 2008 under the Companies Act, 1956 (the ‘Act'') and has its registered office at Welspun City, Village : Versamedi, Taluka - Anjar, Dist. – Kutch, Gujarat – 370110. The Company is engaged in business of Investment and dealing in shares and securities and trading of textile products and commodities.

2 Based on information received by the Company from its suppliers, amounts due to Micro and Small Enterprises as at 31 March 2013 is T. Nil (as at 31 March 2012 T Nil).

3 In the opinion of management, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

4 Previous year''s figures have been re-grouped / re-classified, wherever necessary to conform to the current year''s presentation.


Mar 31, 2012

See accompanying notes to the financial statements

a. Terms / rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The dividend, if any proposed by Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting. During the year ended 31 March, 2012, the Company has not declared any dividend. (31 March 2011:NIL)

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by shareholders.

* The above loan carries interest @ 10.20% p.a. till 12 October 2011 and @ 11% p.a. thereafter.

1 SEGMENT REPORTING:

The Company has two business segments viz. Investment and dealing in shares and securities (Finance) and Trading of products, which is being considered as the primary segment in accordance with Accounting Standard (AS)-17 "Segment Reporting".

a) The related party relationships have been determined by the management on the basis of the requirements of the Accounting Standard (AS) - 18 'Related Party Disclosures' and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the year, except where control exist, in which case the relationships have been mentioned irrespective of transactions with the related party.

2 Based on information received by the Company from its suppliers, amounts due to Micro and Small Enterprises as at 31 March 2012 is Rs. Nil (as at 31 March 2011 Rs. Nil).

3 In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

4 Previous year's figures have been re-grouped / re-classified, wherever necessary to conform to the current year's presentation.


Mar 31, 2010

1. The Companys scheme of arrangement in the nature of Demerger and Reconstruction of Capital under Section 78, 100, 391 to 394 of the Companies Act, 1956 and transfer of Investment and Treasury Division of Welspun India Limited. To Welspun Investments and Commercials Limited was approved by the Honble High Court of Gujarat vide its Order dated 8th May09

Pursuant to the Order, Asset and Liabilities of the Investment and Treasury Division of Welspun India Ltd were transferred to Welspun Investments and Commercials Ltd w.e.f. appointed date (1st April09). Upon the transfer, the Company has issued 1 equity share of Rs.10/- each as fully paid up to the Shareholders of Welspun India Ltd for every 20 equity shares held by them in Welspun India Ltd.

Further 50,000 equity shares of Rs. 10 each fully paid up held by Welspun India Limited have been cancelled, upon the Scheme becoming effective.

2. In accordance with the Accounting Standard AS-26 Intangible Assets, the Company has changed its accounting policy in respect of preliminary expenses, which is now fully written off instead of amortising over the period of five years up to previous period. Due to the above change in the accounting policy profit before tax for the period and preliminary expenditure as at 31 March 2010 are lower by Rs. 207,751.

3. Segmental reporting

The Company has two business segment viz. Investment and dealing in shares and securities and Trading of textile products and related accessories., which is being considered as the primary segment in accordance with Accounting Standard (AS)-17 "Segment Reporting".

4. Based on information received from its suppliers the Company has no amounts due to Micro ad Small enterprises as at 31 March 2010 (as at 31 March 2009 Rs. Nil).

5. In the opinion of the Directors current assets and loans and advances are approximately of the value stated, if realised in the ordinary course of business.

6. Previous period figures have been regrouped or rearranged, wherever considered necessary. Figures in bracket are in respect of previous period. Previous periods figures which were from 07 October 2008 to 31 March 2009 as such the same are not comparable with current years figure which are for 12 months.

 
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